An Innovation is an implementation of a new or significantly improved production process that creates value or changes object with new idea or method in products, services, systems, organisations, and technologies. (Refer to the Disruption)

Reference Definition by ISO: Innovation is a process that results in a new or substantially changed object. An object is any entity that is either conceivable or perceivable. Objects can be real or imaginary and could be material or immaterial. Examples include products, services, systems, organisations, people, practices, procedures, processes, plans, ideas, documents, records, methods, machines, tools, technologies, techniques, and resources.

Related Definitions in the Project: The Project Management